The highly anticipated Vikram Solar IPO is set to hit the market in August 2025, representing a significant milestone for India’s renewable energy sector. As investors eagerly track the Vikram Solar IPO Live GMP Today 2025, this comprehensive guide delivers everything you need to know – from the latest grey market premium and financial health to expert analysis and investment risks. Discover if this solar giant deserves a place in your portfolio.
Vikram Solar IPO Live GMP Today 2025 (As of Today, 2025)
- Current GMP (Grey Market Premium): ₹35 – ₹42 per share
- Kostak Rate (Per Application): ₹1,500 – ₹1,800 (For 1 Lot)
- Subject to Sauda (For Shares): ₹32 – ₹38
- Estimated Listing Price: ₹350 – ₹374 per share (Based on Upper Price Band)
- Expected Listing Gain: ~11.14% to 12.65% (Over Upper Price Band of ₹332)
Note: GMP fluctuates daily. Check our LIVE IPO GMP Tracker for real-time updates.
About Vikram Solar IPO Details
Vikram Solar Limited’s IPO is a significant event in the Indian renewable energy landscape. Here’s a breakdown of the core details:
- Issue Type: Book Built Issue (Combination of Fresh Issue and Offer for Sale – OFS)
- Total Issue Size: ₹2,079.37 Crores
- Fresh Issue: ₹1,500.00 Crores (4.52 Crore New Shares)
- Offer for Sale (OFS): ₹579.37 Crores (1.75 Crore Shares by Promoters)
- Face Value: ₹10 per share
- Price Band: ₹315 to ₹332 per share
- Market Lot: 45 Shares
- Minimum Investment (Retail): ₹14,175 (45 shares @ ₹315)
- Listing Exchanges: BSE (Bombay Stock Exchange) and NSE (National Stock Exchange)
- Issue Type: 100% Book Building
Vikram Solar IPO Size Breakdown
| Component | Shares Offered (Crores) | Amount (₹ Crores) |
|---|---|---|
| Fresh Issue | 4.52 | 1,500.00 |
| Offer for Sale (OFS) | 1.75 | 579.37 |
| Total Issue | 6.27 | 2,079.37 |
Shareholding Pattern
| Period | Total Shares (Crores) | Promoter Holding (%) | Public Holding (%) |
|---|---|---|---|
| Pre-IPO | 31.65 | 77.64% | 22.36% |
| Post-IPO | 36.17 | 63.11% | 36.89% |
About Vikram Solar Ltd.: Powering India’s Solar Ambitions
Vikram Solar Limited, incorporated in 2005, is a leading vertically integrated solar energy solutions provider in India. Recognized as one of the country’s top solar PV module manufacturers by operational capacity, the company plays a crucial role in India’s clean energy transition.
Core Business Segments:
- Solar PV Module Manufacturing: The heart of Vikram Solar’s business. They design, manufacture, and sell high-efficiency solar photovoltaic modules using advanced technologies:
- p-type Monocrystalline PERC (Passivated Emitter and Rear Contact): Widely adopted for balance of efficiency and cost.
- n-type Monocrystalline TOPCon (Tunnel Oxide Passivated Contact): Higher efficiency and better temperature coefficient than PERC.
- n-type Monocrystalline HJT (Heterojunction Technology): Premium technology offering highest efficiency levels and superior bifaciality.
- Products include both Bifacial (glass-glass, glass-transparent backsheet) and Monofacial (glass-white/black backsheet) modules catering to diverse applications (utility-scale, commercial & industrial, rooftop).
- Engineering, Procurement & Construction (EPC): Provides turnkey solutions for developing solar power plants, handling design, procurement, construction, and grid connectivity.
- Operations & Maintenance (O&M): Offers comprehensive O&M services for solar power plants to ensure optimal performance, longevity, and maximum energy yield.
Operational Strengths:
- Manufacturing Facilities: Strategically located at Falta SEZ, West Bengal, and Oragadam, Chennai, Tamil Nadu.
- Pan-India Presence: Serves 23 states and 3 union territories through an extensive network of 41 authorized distributors, 64 dealers, and 67 system integrators.
- Diverse Clientele: Includes major government entities like NTPC, NLC India, Gujarat Industries Power Company Ltd., and prominent private Independent Power Producers (IPPs) like ACME Cleantech Solutions Pvt. Ltd.
- Skilled Workforce: Employs 1,612 permanent staff and 974 contractual workers (as of March 31, 2025).
Vikram Solar IPO Company Financial Performance (Restated Consolidated)
Vikram Solar has demonstrated robust financial growth in recent years, particularly in FY24 and FY25, driven by strong demand for solar modules and EPC services.
Vikram Solar Financial Highlights (₹ Crores)
| Financial Year Ended | Assets | Revenue (Total Income) | Profit After Tax (PAT) | EBITDA | Reserves & Surplus | Debt (Net) |
|---|---|---|---|---|---|---|
| 31-Mar-23 | 2,476.29 | 2,091.91 | 14.49 | 186.18 | 113.07 | 1,105.45 |
| 31-Mar-24 | 2,585.50 | 2,523.96 | 79.72 | 398.58 | 192.16 | 1,050.18 |
| 31-Mar-25 | 2,832.15 | 3,459.53 | 139.83 | 492.01 | 932.60 | 525.87 |
| Growth (FY25 vs FY24) | 9.54% | 37.07% | 75.35% | 23.44% | 385.56% | -49.91% |
Key Observations:
- Impressive Growth: Revenue surged 37% in FY25, while PAT skyrocketed by 75% compared to FY24, showcasing significant operational scaling and profitability improvement.
- Margin Expansion: Both EBITDA and PAT margins improved substantially, reflecting better operational efficiency and pricing power.
- Strengthened Balance Sheet: Reserves & Surplus saw a massive jump (₹740 Cr), and Net Debt was reduced by almost 50%, significantly improving financial health ahead of the IPO.
- Asset Base Growth: Continued investment in manufacturing capabilities is evident in the growing asset base.
IPO Application Details: Lot Size & Investment Amount
Investing in the Vikram Solar IPO requires understanding the lot structure and associated costs based on the price band.
Vikram Solar IPO Lot Size & Investment
| Investor Category | Application Type | Minimum Lots | Minimum Shares | Minimum Investment (₹)* | Maximum Investment (₹)* |
|---|---|---|---|---|---|
| Retail Investor | Min | 1 Lot | 45 | 14,175 (315×45) | 1,94,220 (332×585) |
| Max | 13 Lots | 585 | |||
| Small HNI (sNII) | Min | 14 Lots | 630 | 2,09,160 (332×630) | 9,86,040 (332×2970) |
| Max | 66 Lots | 2,970 | |||
| Big HNI (bNII) | Min | 67 Lots | 3,015 | 10,00,980 (332×3015) | No Upper Limit (Within NII Quota) |
| Max | – | – |
**Calculated based on the price band (Min @ ₹315, Max @ ₹332). Retail Max is based on 13 lots. sNII Min/Max based on 14/66 lots.*
IPO Reservation Quota
The net issue (after excluding the promoter OFS portion reserved specifically for them) is allocated to different investor categories as per SEBI regulations.
Vikram Solar IPO Reservation Quota
| Investor Category | % of Net Offer | Basis of Allocation |
|---|---|---|
| Qualified Institutional Buyers (QIBs) | Not more than 50% | Anchor Investors: Portion allocated prior to opening. Non-Anchor: Remaining QIB portion. |
| Retail Individual Investors (RIIs) | Not less than 35% | Individual investors applying for up to ₹2 lakhs. Bidding at cut-off price allowed. |
| Non-Institutional Investors (NIIs) | Not less than 15% | sNII: Applications >₹2 lakhs to ₹10 lakhs. Cut-off bidding NOT allowed. bNII: Applications >₹10 lakhs. Cut-off bidding NOT allowed. |
| Eligible Employees | Up to ₹2 Lakhs Discount (if applicable) | Separate reservation with possible price discount. Bidding at cut-off allowed. |
IPO Promoter Holding Details
The promoters are reducing their stake partially through the Offer for Sale (OFS) component.
- Key Promoters:
- Gyanesh Chaudhary (Managing Director)
- Gyanesh Chaudhary Family Trust
- Vikram Capital Management Private Limited
- Pre-IPO Promoter Holding: 77.64% (31.65 Crore Shares out of 40.78 Crore Pre-IPO Capital*)
- Post-IPO Promoter Holding: 63.11% (22.83 Crore Shares out of 36.17 Crore Post-IPO Capital)
- Equity Dilution due to Fresh Issue: ~11.53% (Fresh shares issued increase total capital, reducing promoter % without them selling those shares).
- Promoter Selling in OFS: ~5.38% (1.75 Crore Shares sold in OFS).
**Note: Pre-IPO Capital includes only issued and outstanding shares before the fresh issue. RHP states Pre-Issue shares as 31,65,36,309.*
IPO Objective of the Issue: Where Will the Money Go?
The funds raised through the Fresh Issue portion (₹1,500 Crores) will be utilized for the following purposes:
Utilization of Proceeds (₹ Crores)
| S.No. | Objective of the Issue | Expected Amount |
|---|---|---|
| 1 | Partial funding of capital expenditure for the Phase-I Project (Expansion of Module Manufacturing Capacity) | 769.73 |
| 2 | Funding of capital expenditure for the Phase-II Project (Expansion of Module & Cell Manufacturing Capacity) | 595.21 |
| 3 | General Corporate Purposes | 135.06 |
| Total Fresh Issue Proceeds | 1,500.00 |
The OFS proceeds (₹579.37 Crores) will go directly to the selling shareholders (promoters) and will not be received by the company.
IPO Timeline: Critical Dates (Tentative Schedule)
Mark your calendars for these key dates related to the Vikram Solar IPO:
Vikram Solar IPO Schedule
| Event | Tentative Date | Day |
|---|---|---|
| IPO Open Date | August 19, 2025 | Tuesday |
| IPO Close Date | August 21, 2025 | Thursday |
| Finalization of Basis of Allotment | August 22, 2025 | Friday |
| Initiation of Refunds | August 25, 2025 | Monday |
| Credit of Shares to Demat | August 25, 2025 | Monday |
| IPO Listing Date | August 26, 2025 | Tuesday |
| Cut-off for UPI Mandate Confirmation | 5:00 PM, August 21, 2025 | Thursday |
IPO Investor Category Reservations & Investment Limits
Understanding the reservation categories and bidding rules is crucial for application.
Vikram Solar IPO Investor Categories & Bidding Rules
| Application Category | Definition / Bidding Limits | Bidding at Cut-off Price Allowed? |
|---|---|---|
| Retail (RII) | Individual investors applying for up to ₹2 Lakhs. Maximum 13 lots (585 shares). | Yes |
| Small HNI (sNII) | Applications >₹2 Lakhs and up to ₹10 Lakhs (14 to 66 lots). | No |
| Big HNI (bNII) | Applications >₹10 Lakhs (67 lots and above). | No |
| Employee | Eligible employees applying within specified limits (often up to ₹2 Lakhs), potentially with discount. | Yes |
| Employee + RII | Employee applying within employee limit (discount if applicable) AND also as RII within ₹2 Lakhs limit. | Yes for both portions |
| Employee + NII | Employee applying within employee limit (discount) AND also as sNII or bNII for amounts above ₹2 Lakhs. | Yes for Employee, No for NII portion |
IPO Anchor Investor Details
- Anchor Investor Portion: A significant portion (typically up to 60% of the QIB quota) is reserved for Anchor Investors. These are select QIBs (like Mutual Funds, FIIs, Banks) who commit to buying shares a day before the IPO opens to the public.
- Lock-in Period: 30 days from the allotment date.
- Impact: Strong anchor participation, especially by reputable institutions, is often seen as a positive signal of institutional confidence in the company’s valuation and prospects. Details of anchor investors and the amount subscribed will be disclosed on or after August 18, 2025.
IPO Key Performance Indicators (KPIs) & Valuation
Assessing Vikram Solar’s financial health and valuation is key before investing.
Key Financial Ratios (As of March 31, 2025 – Restated Consolidated)
| KPI | Value | Interpretation |
|---|---|---|
| Return on Equity (RoE) | 16.57% | Good efficiency in generating profits from shareholders’ equity. Improved significantly. |
| Return on Capital Employed (RoCE) | 24.49% | Strong efficiency in generating returns from total capital (equity + debt). Very healthy. |
| Return on Net Worth (RoNW) | 11.26% | Profitability relative to net worth (similar to RoE). Healthy. |
| PAT Margin | 4.08% | Net profit margin. While improving, remains relatively thin, typical for manufacturing. |
| EBITDA Margin | 14.37% | Operating profitability margin. Healthy and showing improvement. |
| Debt-to-Equity Ratio | 0.19 | Very comfortable level, indicating low financial risk post debt reduction. |
| Book Value per Share (Pre-IPO)* | ₹27.15 | Theoretical net asset value per share pre-issue. |
| Book Value per Share (Post-IPO)* | ~₹51.50 | Expected net asset value per share post-issue (after fresh capital infusion). |
| Price to Book Value (P/BV) Post | ~6.45x | Valuation multiple based on Post-IPO Book Value (at upper band ₹332). |
| Earnings Per Share (EPS) (FY25) | ₹4.42 | Profit earned per outstanding share (Pre-IPO basis). |
| Price-to-Earnings (P/E) Pre | 75.16x | High valuation based on trailing earnings (At upper band ₹332 / EPS 4.42). |
| P/E Post (Diluted) | 85.88x | Higher valuation post-issue due to increased shares (At upper band ₹332 / Post-IPO EPS ₹3.87). |
*Calculated based on data in RHP and issue details. Post-IPO BVPS estimate factors in fresh capital.
Valuation Note: The P/E multiples appear very high (75x Pre, 86x Post), even considering the strong growth. This prices in significant future growth expectations. Investors must assess if Vikram Solar can consistently deliver growth to justify this premium valuation, especially compared to peers and given industry risks.
IPO Risk Factors: Crucial Considerations
Investing in an IPO involves inherent risks. Key risks specific to Vikram Solar include:
- Business & Operational Risks:
- Dependence on Government Policies: Heavy reliance on government subsidies (PLI), schemes, and renewable purchase obligations (RPOs). Policy changes can significantly impact demand.
- Intense Competition: Fierce competition from domestic players (Waaree, Adani, Tata) and large Chinese manufacturers. Price pressures can erode margins.
- Raw Material Price Volatility: Key inputs like polysilicon, silver, aluminum fluctuate significantly, impacting costs.
- Technology Obsolescence: Rapid advancements in solar tech (like perovskite) could make current products less competitive.
- Execution Risk (Expansion): Timely and cost-effective completion of Phase-I & II capex is critical.
- Customer Concentration: Risk if major government or private customers delay payments or reduce orders.
- Industry & Regulatory Risks:
- Global Trade Barriers: Tariffs or import restrictions (like in the US, EU) can impact export potential or invite similar measures in India affecting imports.
- Grid Infrastructure Challenges: Lack of adequate evacuation infrastructure can delay project commissioning.
- Land Acquisition & Permissions: Delays in securing land and clearances for projects (EPC) or factories.
- Changes in Tariffs/Fiscal Incentives: Alterations in customs duties, GST, or tax benefits affect costs and viability.
- Financial Risks:
- High Valuation: Risk of correction if growth targets aren’t met (P/E of 85x+ post-issue).
- Working Capital Intensity: EPC and manufacturing require significant working capital, straining cash flow.
- Interest Rate Sensitivity: Rising rates increase borrowing costs for future debt needs.
- Foreign Exchange Risk: Exposure if importing materials or exporting modules.
Vikram Solar Ltd. Contact Details
- Registered Office:
Vikram Solar Ltd.
Biowonder, Unit No. 1102, 11th Floor,
789, Anandapur Main Road, Eastern Metropolitan Bypass, E.K.T.,
Kolkata, West Bengal – 700107, India - Phone: +91 33 2442 7399
- Email: secretarial@vikramsolar.com
- Website: https://www.vikramsolar.com/
IPO Registrar Details
Link Intime India Private Ltd. is responsible for processing applications, allotment, and refunds.
- Name: MUFG Intime India Pvt. Ltd. (formerly Link Intime India Pvt. Ltd.)
- Phone: +91-22-4918 6270
- Email: vikramsolar.ipo@linkintime.co.in
- Website: https://linkintime.co.in/
- IPO Specific Link: https://linkintime.co.in/IPO/public-issues.html (Check for Vikram Solar updates)
IPO Recommendation: Should You Buy? – A Balanced View
Analysis Summary:
- Strengths (Pros):
- Leading player in high-growth Indian solar sector.
- Strong revenue and PAT growth trajectory (37% & 75% in FY25).
- Improving profitability margins (EBITDA & PAT).
- Significantly strengthened balance sheet (Reduced debt by 50%, Reserves surged).
- Vertically integrated model (Manufacturing + EPC + O&M).
- Advanced technology portfolio (PERC, TOPCon, HJT).
- Favorable government push for renewable energy (PLI scheme beneficiary).
- Weaknesses (Cons):
- Exorbitant Valuation: P/E of 75x (Pre) / 86x (Post) is very demanding, even for growth. Requires flawless execution.
- Intense Competition: Margins vulnerable to pricing pressure from domestic and global players.
- Policy Dependence: Business model heavily reliant on government support and regulations.
- Thin Net Margins: PAT margin of 4% highlights cost sensitivity.
- Execution Risks: Timely capex completion for expansion is critical.
- Global Trade Risks: Potential impact of tariffs and trade disputes.
Recommendation:
- Aggressive Investors / Long-Term Believers: The company operates in a critical sunrise sector with strong tailwinds. If you have high conviction in India’s solar story, Vikram Solar’s execution capabilities, and are willing to hold for 3-5 years despite potential short-term volatility due to the high valuation, consider a moderate allocation. The GMP indicates strong grey market sentiment.
- Value Investors / Risk-Averse Investors: The current asking price (P/E >85x post-IPO) leaves very little margin for error. Significant growth is already priced in. Competition and policy risks are substantial. It’s prudent to AVOID or wait for listing volatility to subside and evaluate post-listing performance. The risk-reward ratio appears skewed at the upper band.
- Overall Sentiment: Neutral to Cautious. While the business fundamentals are sound and the sector is attractive, the sky-high valuation is a major deterrent. The IPO appears priced to perfection. Listing gains seem probable based on GMP, but sustaining post-listing requires stellar performance.
IPO Allotment and Refunds: What Happens Next
- Allotment Process: Based on the “Basis of Allotment” finalized around August 22, 2025. Allotment is generally proportional within categories (especially Retail) if oversubscribed. It’s not first-come-first-served.
- Checking Allotment Status: Available on the Registrar’s website (Link Intime) and possibly on BSE/NSE websites around August 23-24, 2025, using PAN, Application Number, or DP ID/Client ID.
- Refund Timelines:
- Non-Allottees: Full refunds will be initiated on or around August 25, 2025.
- Partially Allotted (RII using UPI): Excess amount blocked will be released back to your bank account via UPI mandate failure around August 25, 2025.
- ASBA (Bank) Applications: For non-allottees/partial, the blocked amount is simply unblocked.
- Payment Methods: Primarily through UPI (Retail) or ASBA (via Bank/NSE/BSE).
- Credit of Shares: Allotted shares will be credited directly to your Demat account on or before August 25, 2025.
- Actions After Allotment: Hold or Sell?
- Hold: If you believe in the long-term story and valuation, or received only partial allotment and want to build a position over time. Suitable for investors with a 3-5 year horizon.
- Sell on Listing: If your primary goal was listing gains (indicated by GMP), or if you are uncomfortable with the high valuation and risks. Booking partial profits is also a common strategy.
- Decision Factors: Consider your investment goal, risk appetite, view on valuation, sector outlook, and overall market conditions on listing day.
IPO RHP/DRHP: The Definitive Documents
- DRHP (Draft Red Herring Prospectus): Download Here.
- RHP (Red Herring Prospectus): The final, SEBI-approved version filed with ROC and offered to investors during the IPO. It includes the final price band, exact dates, and any updates since the DRHP.
- Importance: The RHP is the most authoritative and comprehensive source of information about the IPO and the company. It’s mandatory reading for serious investors.
- Accessing Vikram Solar RHP: Available on:
- SEBI website (https://www.sebi.gov.in/)
- BSE (https://www.bseindia.com/) & NSE (https://www.nseindia.com/) under ‘Upcoming IPO’ section.
- Lead Manager websites (JM Financial, Nuvama, etc.).
- Company Website (https://www.vikramsolar.com/).
Vikram Solar IPO Review: Pros and Cons Recap
Pros:
- Sunrise Sector Leader: Top integrated player in India’s high-growth solar energy market.
- Robust Financial Growth: Exceptional revenue (37%) and PAT (75%) growth in FY25.
- Strengthened Finances: Massive debt reduction (50%) and surge in reserves.
- Improved Margins: Expanding EBITDA and PAT margins show operational efficiency.
- Government Tailwinds: Significant beneficiary of PLI scheme and renewable push.
- Advanced Technology: Offers PERC, TOPCon, and HJT modules.
- Diverse Model: Revenue streams from Manufacturing, EPC, and O&M.
Cons:
- Extremely High Valuation: P/E of 86x post-issue demands exceptional future growth.
- Fierce Competition: Intense pressure from domestic giants and Chinese manufacturers.
- Policy Vulnerability: Heavily dependent on government subsidies and regulations.
- Low Net Profit Margins: 4% PAT margin indicates vulnerability to cost increases.
- Execution & Capex Risk: Timely and efficient project completion for expansion is crucial.
- Global Trade Uncertainties: Potential impact from international tariffs and disputes.
- Promoter OFS: Promoters are partially exiting, though retaining majority control.
Vikram Solar IPO FAQs (Frequently Asked Questions)
- What is the Vikram Solar IPO GMP Today?
- As of February 9, 2025, the indicative Grey Market Premium (GMP) is ₹35 – ₹42 per share. This translates to an estimated listing price of ₹350 – ₹374 (over the upper price band of ₹332). Remember, GMP is highly volatile and unofficial.
- How can I apply for the Vikram Solar IPO?
- You can apply through:
- Your Bank’s Net Banking (ASBA facility).
- Trading Account (Zerodha, Upstox, Groww, ICICI Direct, HDFC Securities, etc.) using UPI (Retail) or ASBA.
- Registered Broker.
- You can apply through:
- When does the Vikram Solar IPO open and close?
- Open: August 19, 2025 (Tuesday)
- Close: August 21, 2025 (Thursday)
- What is the lot size and minimum investment?
- Lot Size: 45 Shares
- Minimum Investment (Retail): ₹14,175 (1 Lot @ ₹315) to ₹14,940 (1 Lot @ ₹332). You can apply for up to 13 lots (585 shares, ₹1,94,220 @ ₹332).
- When will the Vikram Solar IPO allotment be finalized?
- The tentative date for finalizing the basis of allotment is August 22, 2025 (Friday).
- When is the Vikram Solar IPO listing date?
- Shares are tentatively scheduled to list on Tuesday, August 26, 2025 on BSE and NSE.
- What is the difference between the Fresh Issue and OFS?
- Fresh Issue: Company issues new shares (₹1,500 Cr). This money goes to the company for funding growth (capex, GCP).
- OFS (Offer for Sale): Existing promoters sell their shares (₹579.37 Cr). This money goes to the selling promoters, not the company.
- What are the key risks of investing?
- Key risks include High Valuation (P/E 86x), Intense Competition, Dependence on Government Policies, Low PAT Margins (~4%), Raw Material Price Volatility, and Global Trade Barriers.
- Is Vikram Solar profitable?
- Yes. The company reported a Profit After Tax (PAT) of ₹139.83 Crores for the year ended March 31, 2025 (FY25).
- Who are the lead managers for the IPO?
- The Book Running Lead Managers (BRLMs) are:
- JM Financial Ltd.
- Nuvama Wealth Management Ltd.
- UBS Securities India Pvt. Ltd.
- Equirus Capital Pvt. Ltd.
- PhillipCapital (India) Pvt. Ltd.
- The Book Running Lead Managers (BRLMs) are:
Conclusion
The Vikram Solar IPO presents an opportunity to invest in a leading player within India’s vital and rapidly growing solar energy sector. The company boasts impressive recent financial performance, a strengthened balance sheet, and benefits from strong government support. However, the extremely high valuation (P/E of 86x post-IPO) casts a long shadow. This premium demands flawless execution, sustained high growth, and navigating significant risks like intense competition and policy dependence. While grey market sentiment (GMP) points towards potential listing gains, long-term investment success hinges on the company’s ability to justify its lofty price tag. Thoroughly review the RHP, understand the risks, assess your own financial goals and risk tolerance, and consider seeking advice from a SEBI-registered investment advisor before making your decision. The future is bright for solar, but investors must be cautious not to overpay for it.
